https://www.taxtmi.com/caselaws?id=459032 The HC of Calcutta dismissed the revenue's appeal regarding a delay of 1042 days in filing under Section 260A of the Income Tax Act. The Court condoned the delay to address substantial questions of law. It upheld the ITAT's decision, affirming that transactions through shares are not unexplained cash credits under Section 68. The Court agreed with the Tribunal's deletion of additions under Section 68, emphasizing that the section includes credits representing the value of shares. The appeal was dismissed, and the substantial questions of law were resolved in favor of the assessee. en-us Fri, 17 Nov 2023 00:00:00 +0530 Thu, 28 Nov 2024 12:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459032 The HC of Calcutta dismissed the revenue's appeal regarding a delay of 1042 days in filing under Section 260A of the Income Tax Act. The Court condoned the delay to address substantial questions of law. It upheld the ITAT's decision, affirming that transactions through shares are not unexplained cash credits under Section 68. The Court agreed with the Tribunal's deletion of additions under Section 68, emphasizing that the section includes credits representing the value of shares. The appeal was dismissed, and the substantial questions of law were resolved in favor of the assessee. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459032